Owning and managing a retail store or a chain of retail stores is no simple task; there are many operational procedures associated with managing a small to medium scale enterprise, and even though there are many employees working and taking up various roles, the majority of the workload as well as the responsibility fall on the shoulders of the owner. If you are the proud owner of a retail store or a chain of the same, you may constantly be thinking of ways to not just complete the numerous tasks at hand but also to make your business more profitable. Here are a few changes you can be making for better returns from your enterprise;
Seeking out the Best Suppliers
It is very important that you have a good, reliable and responsible network of suppliers at your beck and call. It will take time and a good networking skills, bargaining and negotiation to build up the rapport and confidence but the work you put into maintaining close relations with your suppliers will have high payoffs in future dealings. You should make sure that your suppliers give you the best quality products and nothing less than that.Buy mobile phone cases and such consumer goods that tend to go out of fashion fast in smaller quantities and only from reputable manufacturers.
Make Use of Economies of Scale
In most instances, it makes sense to buy your stocks in large quantities. There are several benefits to doing this. When you down jackets for men, and other such items that are non-perishable, there is the possibility of getting good discounts from your suppliers. In addition, you can save the extra delivery runs as the whole stock can be brought in in one go. You will also not have to worry about running out of stock for a longer period of time. However, you might have to take storage capacities and demand for products into consideration when deciding which products to order large quantities of. It will not hurt to have large amount of fast moving products but it will not make sense to hold huge stocks of a product that your stores do not sell as much, no matter how big a discount you may be getting on it.
Reduced Wastage – Increased Usage
Do you know that a large quantity of the supplies you purchase, especially the perishable items such as fruits and vegetables do not even make it to your store shelves? Even when they do, most of it may go to waste because the products went bad before they were bought by consumers. So how can you reduce this wastage? Well, there are several things you can do, such as train your employees on how to properly handle these items and how to stock them on the display shelves. At the same time, you can review your order quantities to see if you are ordering too much of any fresh produce than you should. Also, make sure that the storage and display units have proper temperature control to lengthen the shelf life of perishable items.